WTI Price Analysis: Bulls halt the fall near $70.00 level
- WTI prints fresh gains on Wednesday in the European trading hours.
- Additional gains for the WTI if price decisively breaks $70.00.
- Momentum oscillator remains in the overbought zone with stretched buying conditions.
West Texas Crude Oil (WTI) edges higher Wednesday in the European trading session. The prices took shelter near the multi-month support near $70.00.
At the time of writing, WTI is trading at $70.03, up 0.08% for the day.
WTI daily chart
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On the daily chart, after testing a low of $64.99 on July 20, which also coincides with the 100-day Simple Moving Average (SMA), WTI roses sharply and touched the high of $73.88.
A sustained move above the intraday high would allow WTI bulls to retest the $71.00 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any uptick in the MACD could accelerate the buying pressure.
That said, the WTI bulls could meet the next upside target at a $72.00 horizontal support level.
Alternatively, if prices move lower, it could retrace back to the previous day’s low at $68.89 followed by the $67.90 horizontal support level.
Next, the bears would attempt to meet the 100-day SMA at 66.77 on the downside.
WTI additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
